90% of Americans couldn't answer this straightforward tax question via CNBCMakeIt
As tax season heats up, many Americans are still unclear as to how recent changes to the law could affect them. A 2019 survey found about 28 percent say they don't understand the ins and outs of the Tax Cuts and Jobs Act, which passed in December 2017.
"Being 'in' a tax bracket doesn't mean you pay that federal income tax rate on everything you make," though, financial website NerdWallet points out in its 2018 Tax Study. "The total bill would be about $6,900," NerdWallet says, or"14 percent of your taxable income, even though you're in the 22 percent bracket."Keep in mind that these rules apply only to federal income taxes, though, according to NerdWallet:"Your state might have different brackets, a flat income tax or no income tax at all."
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